Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. HSBC buys back billions as profits hit record
Full year results from HSBC LON:HSBA have been published with the company posting record profits of $30.3bn, helped by bumper retail profits and the disposal of the French retail banking operation. Net interest margin stood at 1.66% whilst impairments stood at 33bps. The dividend is being hiked – it will be the largest full year dividend paid since the global financial crisis – and the bank will also start a $2bn share buyback which it plans to complete by the publication of Q1 ‘24 results.
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#2. BAE Systems backlog grows as defensive demands increase
BAE Systems LON:BA. also has full year results out with the company noting further growth in the order backlog and a 9% uptick in sales. Shareholders are to receive a 11% increase in dividend payments against the year and whilst there’s no news of any new share buyback scheme, the company is still executing a backlog of such commitments from the last couple of years.
#3. Will Tate & Lyle sales slowdown leave a bitter taste for investors?
There’s a trading statement out from Tate & Lyle LON:TATE this morning for the three months to 31st December. Full year EBITDA guidance is unchanged at 7%-9% although revenues were 4% lower for the quarter as a result of softer demand and order timing, with volume growth being noted at the start of the final quarter.
